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Two luxury projects compete for buyers

Posted on 13 Jun 2014 | Comments Off

Situated right across each other, two luxury condominiums compete for luxury buyers amidst a tougher environment as the residential market slows, said media reports.

Located along Leedon Heights in District 10, the two projects – Leedon Residences and d’Leedon – are only a five-minute drive from Orchard Road.

The larger project, d’Leedon, features over 1,700 units, with sizes ranging from 592 sq ft, for a one-bedroom apartment to garden villas of over 8,000 sq ft. Prices range from $1.3 million for the one-bedders to $7.7 million for the villas. The seven building complex is slated to be completed this year.

Meanwhile, Leedon Residence offers 381 units ranging from 1,044 sq ft two-bedders to more than 8,000 sq ft penthouses. Leedon prices start at $2.2 million for two-bedders and the project is expected to be completed in 2015.

While majority of the units at both projects were snapped up, the unsold units face a tougher climate as the effects of the government’s various cooling measures start to bite.

In Q1 2014, sales of luxury condos plunged by more than 60 percent over the same period last year, said DTZ.

DTZ’s Research Head Lee Lay Keng said, “Some developers of luxury projects could be more willing to negotiate on prices.”

A spokesperson for d’Leedon’s developer, CapitaLand Singapore, declined to comment on any price changes at the development, but noted “developers have to make necessary adjustments in view of the prevailing market conditions.”

On the other hand, GuocoLand, the developer of Leedon Residences, revealed that it has maintained its prices.

As of April 2014, JLL data show that launched but unsold units at d’Leedon stands at 268 while Leedon Residence still has 100 units on the market.

“Buyers are becoming more discerning with their purchases and are quite price-sensitive,” said Chua Yang Liang, Head of Research at JLL.

Source : PropertyGuru

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Posted in Developers, New Launches

Tagged d'Leedon, Guocoland, Leedon Residences, Singapore Property

Court annuls loan to remove caveat on $2 million home

Posted on 13 Jun 2014 | Comments Off

An unnamed woman can now take possession of a River Valley condominium, after the High Court invalidated a $5,000 loan with a 791.61 percent interest rate, along with its caveat.

According to media reports, the $2 million condo unit was awarded to the 41-year-old senior executive in a 2012 divorce settlement. However, she failed to transfer the flat to her name as her ex-husband took out a $5,000 loan from Prosper Credit, which put a caveat on the property.

This means the condo cannot be transferred or sold until the debt was paid. The plaintiff’s ex-husband was declared bankrupt in March 2013 and he failed to fully settle his loans.

The lender’s attorney, S. R. Shanmugam argued that the ex-husband had consented to the caveat, giving Prosper Credit an interest in the property.

However, Justice Choo Han Teck noted that the main issue is the loan’s exorbitant interest rate.

Under the Moneylenders Act, the court can “re-open” a transaction if the interest rate of a secured loan surpasses 13 percent per annum and the debtor earns less than $30,000 per year.

“I am of the view that the interest charged is exorbitant and not just substantially unfair but grossly unfair,” he said.

The ex-husband’s annual income last year is unclear but “the rate of interest in this case is undoubtedly excessive within the meaning of (the Act),” added the judge.